November 29, 2022

Forex Solution

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Bitcoin trades closer to day’s low

1 min read

Sellers remain in control

The price of bitcoin moved lower after China continues to put the pressure on crypto mining. The low reach $31,700. 

Sellers remain in control_

Looking at the hourly chart, the lows did dipped below a lower channel trend line (currently at $32,080), but was not able to extend toward the earlier June low price at $31,025 (from June 8). 

The May 23 low comes in at $31,107. The May 19 low reached $30,066.  All are downside targets going forward.

The low price for 2021 came in at $27,734 back in January. The February low was $28,800.

The current price is around 50% from the all-time high price reached in April at $64,895. The last 68 bars as taken the price down $-32,130.

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